REGARDING ACCEPTANCE OF LOAN BY PARTNERSHIP FIRM
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 June 2011
A PARTNERSHIP FIRM IS USUALLY TAKING CASH FROM A PVT. LTD COMPANY FOR A BUSINESS PURPOSE AND AFTER SOME TIME PAYS IT BACK. PARTNERS AND DIRECTORS ARE COMMON. THE AMOUNT OF CASH IS IN EXCEEDING RS 20000. WHETHER THERE IS ANY PROVISION IN INCOME TAX ACT WHICH RESTRICT THIS TRANSACTION.
22 June 2011
It will contravene section 269SS of Income Tax Act.
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